Tag Archive: newsletter

Controlling the Narrative Is Not the Same as Controlling the Virus

2020-02-10

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2020-02-10

Exponential virus
Are these claims even remotely plausible for a highly contagious virus that spreads easily between humans while carriers show no symptoms? It's clear that the narrative about the coronavirus is being carefully managed globally to minimize the impact on global sentiment and markets. 

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The Fight for Liberty and the Beltway Barbarians

2020-02-10

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2020-02-10

In the conservative and libertarian movements there have been two major forms of surrender, of abandonment of the cause. The most common and most glaringly obvious form is one we are all too familiar with: the sellout. The young libertarian or conservative arrives in Washington, at some think-tank or in Congress or as an administrative aide, ready and eager to do battle, to roll back the State in service to his cherished radical cause.

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Central banks weigh up response to Libra and bitcoin

2020-02-10

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2020-02-10

Central banks are contemplating a response to alternative money systems, such as bitcoin or Libra, with new digital versions of their own currencies. They go by the name of Central Bank Digital Currencies, or CBDCs. Libra’s stablecoin project launched in Geneva last year was a “watershed” moment that “kicked everyone in the pants”, Michael Sung, a professor at Fudan University, told the recent Crypto Finance Conferenceexternal link (CfC) in St...

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Drivers for the Week Ahead

2020-02-10

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2020-02-10

Risk-off sentiment intensified last week; the dollar continues to climb. This is another big data week for the US; the US economy remains strong. Fed Chair Powell testifies before the House Tuesday and the Senate Wednesday; the Senate holds confirmation hearings for Fed nominees Shelton and Waller Thursday.

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USD/CHF trades at fresh 2020 highs above 0.9760 ahead of NFP

2020-02-09

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2020-02-09

Technical levels to watch for
CHF struggles to find demand as a safe-haven on Friday. US Dollar Index pushes higher above the 98.50 mark. Nonfarm Payrolls in US is expected to come in at 160K in January. The USD/CHF pair closed the last four trading days in the positive territory and continued to edge higher on Friday to touch its best level since December 27th at 0.9772.

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Is the SNB In Control of the Amount of Sight Deposits?

2020-02-09

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2020-02-09

The current monetary environment in Switzerland is as far from ordinary as can be imagined: negative interest rates (from -0.75% in the short term to -0.25% for 50Y govt bonds) and oceans of liquidity (M0 has grown to 50% of M3 from pre-crises levels of around 8%).

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Switzerland spends more than the EU on education

2020-02-09

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2020-02-09

Switzerland’s public finances rose by 1.7% in 2018 to CHF232.6 billion ($238.8 billion) compared with 2017. As a percentage of the total, Switzerland spent more on education and less on defence than the European Union. The largest budget item remained social protection, costing almost CHF92 billion or 39.4% of the total, the Federal Statistical Office (FSO) said on Thursday.

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Credit Suisse falls back on Swiss roots to restore order

2020-02-09

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2020-02-09

Credit Suisse’s board has defied the wishes of several major shareholders with the surprise axing of chief executive Tidjane Thiam. He has been replaced with Swiss national, and current head of the bank’s domestic operations, Thomas Gottstein.

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COT Black: German Factories, Oklahoma Tank Farms, And FRBNY

2020-02-09

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2020-02-09

Germany Factory Orders, SA 2014-2019
I wrote a few months ago that Germany’s factories have been the perfect example of the eurodollar squeeze. The disinflationary tendency that even central bankers can’t ignore once it shows up in the global economy as obvious headwinds. What made and still makes German industry noteworthy is the way it has unfolded and continues to unfold. The downtrend just won’t stop.

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Why Progressives Are Anti-Vaxxers When It Comes to the Alt Right

2020-02-09

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2020-02-09

Bob Murphy first explains a standard progressive viewpoint when it comes to dealing with issues like virus outbreaks, underage drinking, and prostitution. Yet, when it comes to dealing with people whose views they abhor, the progressives suddenly are “zero tolerance” and ignore the mechanisms they point to for the other issues.

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USD/CHF Price Analysis: Greenback approaching January highs vs. Swiss franc

2020-02-08

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2020-02-08

USD/CHF daily chart
USD/CHF created a strong bullish recovery while nearing the 2020 highs. The level to beat for bulls is the 0.9770 resistance.  USD/CHF is attempting to form a base near multi-month lows while trading below the main daily simple moving averages.

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Les bénéficiaires finaux de la conquête par la création monétaire privée demeurent anonymes. LHK

2020-02-08

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2020-02-08

Masse monetaire et prix
« La création de monnaie est un processus à deux volets: le premier consiste en la création de monnaie centrale (billets de banque ainsi qu’avoirs en comptes de virement auprès de la banque centrale) par la banque centrale en application du monopole d’émission des billets de banque.

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Should Swiss watchmakers join forces to stay globally competitive?

2020-02-08

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2020-02-08

As Baselworld continues to face difficulties, the Swiss watch-making industry needs a new platform to showcase its know-how. With watchmakers going it alone with separate initiatives, one industry expert is pushing for a more collaborative effort to keep the industry thriving.

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Alabama House Considers Eliminating Income Taxes on Gold and Silver

2020-02-08

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2020-02-08

Representative Sorrell has introduced House Bill 122, a tax-neutral measure to exclude from gross income any net capital gain and any net capital loss derived from the exchange of precious metals bullion. Policies that penalize savers in precious metals reduce the likelihood that Alabama citizens will take prudent steps to insulate themselves from the inflation and financial turmoil caused by the Federal Reserve.

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Dollar Firm Ahead of US Jobs Report

2020-02-08

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2020-02-08

The number of confirmed coronavirus cases and deaths continue to rise; the dollar continues to climb. The January jobs data is the highlight for the week; Canada also reports jobs data. The Fed submits its semiannual Monetary Policy Report to Congress today; Mexico and Brazil report January inflation data.

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FX Daily, February 7: Dollar Rides High as Eurozone Disappoints, and Caution Sets In

2020-02-07

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2020-02-07

Overview: A more cautious tone is evident today in the markets, which seem to have run well ahead of macro developments and evidence that the new coronavirus is not yet contained. After a roughly 3.5% advance in the past three sessions, the MSCI Asia Pacific index pulled back with nearly the markets in the region slipping.

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Credit Suisse CEO surprises markets with shock resignation

2020-02-07

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2020-02-07

Credit Suisse chief executive Tidjane Thiam has resigned from his post following a highly damaging spying scandal that has rocked Switzerland’s second largest bank. Thiam’s departure is nevertheless a surprise as most media expected chairman Urs Rohner to depart.

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USD/CHF Price Analysis: Bulls await a sustained move beyond 0.9765-70 supply zone

2020-02-07

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2020-02-07

USD/CHF daily chart
USD/CHF trades with a positive bias for the fourth consecutive session. The 0.9700 mark might now act as a strong base for bullish traders. The USD/CHF pair edged higher for the fourth consecutive session on Thursday and is currently placed near one-week tops, levels just below mid-0.9700s.

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USD/CHF sits near 1-week tops, just below mid-0.9700s

2020-02-07

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2020-02-07

Technical levels to watch
USD/CHF edges higher for the fourth consecutive session on Thursday. The risk-on mood weighed on the safe-haven CHF and remained supportive. A pullback in the US bond yields kept a lid on the USD and capped gains. The USD/CHF pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band near one-week tops, just below mid-0.9700s.

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Swiss fintech firms venture deeper into Middle East

2020-02-07

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2020-02-07

Swiss fintech company Instimatch has launched into the Middle East, having won a licence to operate in Qatar, and signed up its first Kuwaiti bank. The mineral and cash-rich region is proving a magnet for financial innovation from Switzerland. Instimatchexternal link’s digital platform directly connects deep-pocketed corporate, financial and municipal lenders with global investments.

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